SOME 38 per cent of people in the South West say they are in financial difficulty.
Sophy Gardner, Labour’s parliamentary candidate for Gloucester, has spoken out against what she says is a ‘growing personal debt crisis gripping Britain’ as research shows two in five Brits struggle to make it to payday and that millions are now taking out payday loans and debt management plans to cope with the cost of living and debt repayment.
Ms Gardner said: “Sophy Gardner said: “It’s vital that we tackle the cowboys making money out of providing debt management advice and the legal loan sharks still profiting from these pressures.
“I’m backing plans to get tough on debt management companies, to make sure people have access to good debt advice and alternative affordable finance.”
County councillor Lesley Williams, leader of the Labour group, added: “Many people are getting into debt or spending all their rainy day money as a result.
“People often struggle to get to payday and that this is due to household bills like energy or rent, or repaying credit cards and payday loans.”
She fears some are becoming ‘zombie-debtors’ who can only afford to pay interest on their debts rather than pay off the debt itself.